WARSAW, POLAND – Marcin P., the Polish founder and CEO of online currency exchange platform Cinkciarz.pl and its international brand Conotoxia, is now the subject of an Interpol Red Notice. The international alert, issued in October 2025, signals a global manhunt for P. in connection with a large-scale fraud and money laundering scheme estimated at €30 million. The development follows a protracted investigation by Polish authorities, culminating in formal charges and an international arrest warrant.
Marcin P. Accused of Misusing Client Funds
Prosecutors allege Marcin P. orchestrated a sophisticated scheme to divert client funds, intended for legitimate currency exchange services, to finance other ventures within his Conotoxia Holding Group. The fraud involved misleading thousands of customers about the true destination and use of their deposited money. The investigation, spearheaded by the Poznań Regional Prosecutor’s Office, began in October 2024 after a surge of complaints from customers experiencing significant delays and inability to access their funds.
The scale of the alleged misappropriation is staggering. Over 125 million Polish złoty, approximately €29.4 million or $30-31 million, is believed to have been stolen or lost. The number of victims is estimated to be in the thousands, with over 7,000 complaints lodged by users unable to retrieve their money from Cinkciarz.pl and its affiliated services. The financial fallout has been severe for countless individuals and businesses who relied on the platform for their currency transactions.
Marcin P. founded Cinkciarz.pl in 2006, building it into a prominent player in the online currency exchange market. A Polish national with a background in financial services and technology, P. expanded his empire to include Conotoxia, Currency Lending, and Conotoxia Ltd, offering a range of services from money transfers to Forex trading. His ventures also included a software house, Cyber Geeks, and digital insurance with CoWin. Despite his background and participation in bodies like the European Payments Council, his companies now stand accused of widespread financial malfeasance.
“This case highlights the critical importance of regulatory oversight in the rapidly evolving fintech sector. When customer funds are not properly segregated or transparently managed, the risk of systemic fraud escalates dramatically.”
The fraud began to unravel in October 2024 when the Poznań Regional Prosecutor’s Office launched its investigation. Around the same time, Poland’s financial regulator, KNF, revoked Conotoxia’s license as a national payment institution, citing grave failures in safeguarding customer deposits. By December 2024, authorities had moved to block 328 bank accounts linked to the trading platform. Formal charges, including large-scale fraud, were filed against Marcin P. and several key company figures in March 2025. A board member, Robert G., was arrested, followed by chief accountant Monika J. in May 2025, who reportedly admitted involvement and provided extensive testimony.
Marcin P. himself reportedly fled Poland in mid-2024. A domestic arrest warrant was issued in July 2025, followed by an international arrest warrant in August 2025. The Interpol Red Notice, issued in October 2025, now seeks his provisional arrest pending extradition. Cinkciarz.pl was declared bankrupt in October 2025, further solidifying the financial devastation for its clients.
The investigation is a multi-agency effort, with the Poznań Regional Prosecutor’s Office leading the charge, supported by the police and the Central Bureau of Investigation. The fraud was initially uncovered through a deluge of customer complaints to the KNF, which subsequently triggered the regulatory body’s decisive action. Police raids on company headquarters in Zielona Góra and the freezing of over 300 bank accounts linked to Cinkciarz.pl and its affiliates have been instrumental in gathering evidence and securing assets. The court has upheld these account freezes, underscoring the severity of the allegations.
Marcin P. is currently charged with large-scale fraud and money laundering. He remains a fugitive, believed to be outside Poland, possibly in the United States. Polish courts have issued arrest warrants and approved his detention in absentia, paving the way for a trial should he be apprehended. If convicted, he and his co-accused could face sentences of up to 25 years in prison. Meanwhile, Robert G. and Monika J. remain in pre-trial detention, with G. denying wrongdoing and J. reportedly cooperating with authorities.
The victims are predominantly thousands of individual and business clients who entrusted their funds to Cinkciarz.pl for currency exchange. These users are now grappling with the loss of their deposits, with over 2,000 formal notifications filed with the Ministry of Justice, and estimates suggesting up to 7,000 people may be affected. The bankruptcy of Cinkciarz.pl means a long and uncertain road for victims seeking restitution.
Several critical red flags emerged that, in hindsight, could have alerted users and regulators earlier. Persistent customer complaints about delayed transactions were an initial warning. The KNF’s swift revocation of Conotoxia’s license, specifically citing failures in safeguarding customer deposits, was a clear regulatory alarm. The alleged misuse of client funds to finance other ventures, combined with a company structure that concentrated ownership and control solely with Marcin P., also presented a significant risk due to a lack of external oversight. Furthermore, social media displays of an opulent lifestyle by P.’s family, amidst growing company difficulties, fueled public suspicion. Finally, the company’s defensive posture, accusing banks and regulators of a ‘squeeze’ rather than transparent cooperation, served as a potential indicator of deeper issues. For more information on related fraud investigations, visit our archives.
As the international search for Marcin P. intensifies, the case serves as a stark reminder for consumers and businesses alike. Always scrutinize the regulatory status of financial platforms, pay close attention to customer reviews and complaints, and ensure transparent segregation of client funds. Any persistent delays in transactions or overly defensive responses from management should be treated as immediate red flags, prompting users to secure their assets and report concerns to relevant authorities.
